Amplify Energy Corp (AMPY) 2025 Q1 法說會逐字稿

Welcome to Amplify Energy's first quarter 2025 investor conference call. Amplify's operating and financial results were released yesterday after market close on May 12, 2025, and are available on Amplify's website at that www.amplifyenergy.com. During this conference call, all participants will be in a listen-only mode. Today's call is being recorded. A replay of the call will be accessible until May 27, 2025, by dialing 800 654-1563 and then entering access code 52458798. A transcript and a recorded replay of the call will also be available on our website after the call.

歡迎參加 Amplify Energy 2025 年第一季投資者電話會議。Amplify 的營運和財務結果於昨天（2025 年 5 月 12 日）收盤後發布，可在 Amplify 的網站 www.amplifyenergy.com 上查閱。在本次電話會議期間，所有參與者將處於只聽模式。今天的通話正在錄音。在 2025 年 5 月 27 日之前，您可以撥打 800 654-1563 並輸入存取代碼 52458798 來收聽此通話的重播。通話結束後，我們的網站上也將提供通話記錄和錄音重播。

I would now like to turn the conference over to Jim Frew, Senior Vice President and Chief Financial Officer of Amplify Energy Corp.

現在，我想將會議交給 Amplify Energy Corp 的高級副總裁兼財務長 Jim Frew。

Good morning, and welcome to the Amplify Energy conference call to discuss operating and financial results for the first quarter of 2025. Before we get started, we would like to remind you that some of our remarks may contain forward-looking statements, which reflect management's current views of future events and are subject to various risks, uncertainties, expectations, and assumptions. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurances that such expectations will prove to be correct and undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this earnings call.

早安，歡迎參加 Amplify Energy 電話會議，討論 2025 年第一季的營運和財務表現。在我們開始之前，我們想提醒您，我們的一些評論可能包含前瞻性陳述，這些陳述反映了管理層對未來事件的當前看法，並受各種風險、不確定性、預期和假設的影響。儘管管理層認為此類前瞻性聲明中反映的預期是合理的，但無法保證此類預期將被證明是正確的，並且不承擔任何義務，也不打算更新這些前瞻性陳述以反映本次收益電話會議後發生的事件或情況。

Please refer to our press release and SEC filings for a list of factors that may cause actual results to differ materially from those in the forward-looking statements made during this call. In addition, the unaudited financial information that will be highlighted here is derived from our internal financial books, records, and reports.

請參閱我們的新聞稿和美國證券交易委員會 (SEC) 文件，以了解可能導致實際結果與本次電話會議中前瞻性陳述的結果有重大差異的因素清單。此外，此處重點介紹的未經審計的財務資訊來自我們的內部財務帳簿、記錄和報告。

For additional detailed disclosure, we encourage you to read our Form 10-Q, which was filed yesterday afternoon. Also, non-GAAP financial measures may be disclosed during this call. Reconciliations of those measures to comparable GAAP measures may be found in our earnings release or on our website at www.amplifyenergy.com.

如需更多詳細披露，我們建議您閱讀我們昨天下午提交的 10-Q 表。此外，本次電話會議中也可能揭露非公認會計準則財務指標。這些指標與可比較 GAAP 指標的對帳可以在我們的收益報告或我們的網站 www.amplifyenergy.com 上找到。

During the call, Martyn Willsher, Amplify's President and Chief Executive Officer, will provide an update regarding our first-quarter performance with a specific focus on the most recent Beta Field development results, updated guidance, and recent acreage monetizations in East Texas. Next, Dan Furbee, Senior Vice President and Chief Operating Officer, will provide an overview of first-quarter operational performance. Following that, I will discuss first-quarter financial results, provide an update on our balance sheet and liquidity, and provide additional details on our hedge book. Finally, Martyn will provide final thoughts before opening the call up for questions.

在電話會議中，Amplify 總裁兼執行長 Martyn Willsher 將介紹我們第一季的業績，特別關注最新的 Beta Field 開發結果、更新後的指導以及東德州最近的土地貨幣化。接下來，資深副總裁兼營運長 Dan Furbee 將概述第一季的營運表現。接下來，我將討論第一季度的財務業績，提供我們的資產負債表和流動性的最新信息，並提供有關我們的對沖賬簿的更多詳細信息。最後，Martyn 將在開始提問之前發表最後的想法。

With that, I will hand it over to Martyn.

說完這些，我就把它交給馬丁。

Thank you, Jim. Amplify had a strong first quarter of 2025, generating $19.4 million of adjusted EBITDA, $25.5 million of operating cash flow, and producing 17,900 BOE per day. At Beta, we continue to build off the success of the 2024 development program, which was anchored by the strong results from the A50 and the C59 D-Sand completions, which continue to perform above our pre-drill type curve with IRRs in excess of 90% at $60 oil prices. Following up from those successes, we recently completed the C54 well in the D-Sand, which through its first 20 days of production has been the strongest one in program with an IP-20 of approximately 800 barrels of oil per day. With the recent completion of the C48 and C54, the field now has four new development wells online, which, after offsetting the asset base decline, have increased beta production by approximately 35% since early 2024.

謝謝你，吉姆。Amplify 在 2025 年第一季表現強勁，調整後 EBITDA 為 1,940 萬美元，營運現金流為 2,550 萬美元，日產量為 17,900 桶油當量。在 Beta，我們繼續鞏固 2024 年開發計劃的成功，該計劃以 A50 和 C59 D-Sand 完井的強勁業績為基礎，其表現繼續高於我們的鑽井前類型曲線，在油價為 60 美元時 IRR 超過 90%。繼這些成功之後，我們最近完成了 D-Sand 的 C54 井，該井在投產後的前 20 天一直是該計劃中產量最高的井，IP-20 產量約為每天 800 桶石油。隨著 C48 和 C54 近期完工，該油田目前已擁有四口新開發井上線，在抵消資產基數下降後，自 2024 年初以來，這些井的 β 產量已增加約 35%。

Due to the success of the Beta development program at year-end 2024, Amplify had 25 PUD locations at our year-end reserves, 21 of which were in the D-Sand. Based on the type curve utilized in those reserves, these publications have a PV-10 value of approximately $144 million at a $65 flat WTI price oil. However, all of our D-Sand completions to date have significantly outperformed the type curve, which indicates material upside to this valuation estimate as we continue to generate consistently outstanding results from our D-Sand completion.

由於 2024 年底 Beta 開發計畫的成功，Amplify 在我們的年底儲備區擁有 25 個 PUD 位置，其中 21 個位於 D-Sand。根據這些儲備所使用的類型曲線，在 WTI 油價維持在 65 美元不變的情況下，這些出版物的 PV-10 價值約為 1.44 億美元。然而，迄今為止，我們所有的 D-Sand 完井都顯著超過了類型曲線，這表明隨著我們繼續從 D-Sand 完井中獲得持續優異的結果，這一估值估計具有實質性的上升空間。

In East Texas, the company monetized portions of its Haynesville acreage position to bring forward cash flow. As previously announced, in January 2025, Amplify sold 90% of its interest in certain units with Haynesville in Harrison County, Texas, for $6.3 million in net proceeds.

在德克薩斯州東部，該公司將其在海恩斯維爾的部分土地貨幣化，以帶來現金流。如前所述，2025 年 1 月，Amplify 將其在德克薩斯州哈里森縣 Haynesville 某些單位的 90% 權益出售給該公司，淨收益為 630 萬美元。

In May 2025, Amplify completed a separate transaction to monetize 90% of its interest in additional units with Haynesville rights in Panola and Shelby Counties, generating an additional $1.5 million in proceeds. In aggregate, Amplify has now completed three Haynesville acreage transactions since November 2024, generating $9.2 million net in total proceeds, while also retaining a 10% working interest in more than 30 gross non-operated development opportunities to realize additional upside value in future periods.

2025 年 5 月，Amplify 完成了一項單獨的交易，將其在帕諾拉縣和謝爾比縣擁有 Haynesville 權利的額外單位的 90% 權益貨幣化，產生了額外的 150 萬美元收益。總體而言，自 2024 年 11 月以來，Amplify 已完成三筆 Haynesville 土地交易，總收益為 920 萬美元，同時還保留了 30 多個非營運開發機會的 10% 的工作權益，以在未來期間實現額外的上行價值。

Turning to guidance. In light of the recent material reduction in oil prices, we conducted a comprehensive review of our remaining uncommitted 2025 capital budget and have elected to temporarily defer three development projects at Beta, resulting in capital savings of approximately $15 million. While our Beta development projects have outstanding economics at current oil prices, we have flexibility on the timing of these projects and are committed to maintaining strong free cash flow and a healthy balance sheet for our investors.

轉向指導。鑑於近期油價大幅下跌，我們對剩餘未承諾的 2025 年資本預算進行了全面審查，並選擇暫時推遲 Beta 的三個開發項目，從而節省了約 1500 萬美元的資本。雖然我們的 Beta 開發項目在當前油價下具有出色的經濟效益，但我們對這些項目的時間表具有靈活性，並致力於為我們的投資者保持強勁的自由現金流和健康的資產負債表。

We are also conducting a thorough review of additional cost savings opportunities, targeting reductions in additional capital projects, operating costs and overhead. In summary, with the additional strong results of the C54 well, we continue to be very optimistic about the long-term potential of our Beta development program. While we are temporarily deferring some Beta projects due to commodity price uncertainty, our long-term development strategy remains intact, and we will prioritize adding back Beta wells as market conditions improve. In the meantime, we intend to continue focusing on reducing costs across the organization, maintaining strong free cash flow, and evaluating portfolio optimization opportunities, which could enable us to accelerate Beta development.

我們也正在徹底審查額外的成本節約機會，目標是減少額外的資本項目、營運成本和管理費用。總而言之，憑藉 C54 井的額外強勁成果，我們繼續對 Beta 開發計畫的長期潛力非常樂觀。雖然由於商品價格的不確定性，我們暫時推遲了一些 Beta 項目，但我們的長期發展策略保持不變，隨著市場條件的改善，我們將優先增加 Beta 井。同時，我們打算繼續專注於降低整個組織的成本，保持強勁的自由現金流，並評估投資組合優化機會，這可以讓我們加速 Beta 開發。

With that, I'll hand it over to Dan.

說完這些，我就把它交給丹。

Thank you, Martyn. During the first quarter of 2025, average daily production was approximately 17.9 MBoe per day, a decrease of 0.6 MBoe per day from the prior quarter, with a production commodity mix of 46% oil, 16% NGLs, and 38% natural gas. The decrease in production from the prior quarter was driven by natural gas, NGL volumes affected by a gas imbalance adjustment in East Texas and adverse weather in Oklahoma causing widespread power outages. These negative impacts in production occurred early in the quarter and were factored into our previously announced annual production guidance.

謝謝你，馬丁。2025 年第一季度，平均日產量約為 17.9 MBoe，比上一季減少 0.6 MBoe，生產商品結構為 46% 的石油、16% 的天然氣液體和 38% 的天然氣。產量較上一季下降的原因是天然氣、NGL產量受到德州東部天然氣不平衡調整的影響，以及俄克拉荷馬州惡劣天氣導致大面積停電。這些對生產的負面影響發生在本季度初，並已計入我們先前宣布的年度生產指引中。

Total production is expected to increase in the subsequent quarters as the gas imbalance in East Texas was a result in the first quarter. Volumes from the non-operated development project in East Texas and Eagle Ford are scheduled to come online in the second quarter. And Beta production continues to grow after the repair of ESP failures occurring in the fourth quarter of 2024 and the benefit of the recently completed C54 well.

由於第一季德州東部的天然氣供應不平衡，預計後續幾季的總產量將會增加。東德州和鷹福特 (Eagle Ford) 未營運開發案的產量預計將於第二季投入使用。在 2024 年第四季度修復 ESP 故障以及最近完成的 C54 井的效益之後，Beta 產量持續成長。

Month to date, our current average production rate at Beta are approximately 5,500 gross or 4,140 net barrel oil per day. This is after the effect of the C54 well. Our current production rates at Beta represent an approximate 20% increase from our first-quarter volume. Due to the reduction of our capital program in 2025, as described by Martyn earlier, our annual production guidance range has been adjusted slightly for 2025 and is now 19,000 to 20,500 BOE per day.

本月迄今為止，Beta 的當前平均產量約為每天 5,500 桶石油或每天 4,140 桶淨石油。這是 C54 井之後的效果。Beta 目前的生產力比第一季增加了約 20%。由於我們 2025 年資本計畫的減少，正如 Martyn 之前所述，我們對 2025 年的年度生產指導範圍進行了小幅調整，現在為每天 19,000 至 20,500 桶油當量。

For the first quarter, lease operating expenses were approximately $37.4 million, a $2.3 million increase in the prior quarter and in line with internal projections. Lease operating expenses are expected to decrease from the second half 2025 after the effect of cost savings projects being completed in Bairoil oil and fewer expense workovers scheduled later in the year. Lease operating expenses for the first quarter also do not reflect $900,000 of income generated by Magnify Energy Services.

第一季度，租賃營運費用約為 3,740 萬美元，比上一季增加 230 萬美元，符合內部預測。受 Bairoil 油田成本節約專案完成以及今年稍後計劃的費用修井作業減少的影響，預計租賃營運費用將從 2025 年下半年開始下降。第一季的租賃營運費用也沒有反映 Magnify Energy Services 產生的 90 萬美元收入。

We expect to continue improving our cost structure throughout 2025 and are guiding to meet operating expenses to the midpoint of $143 million. This is approximately flat when compared to 2024 despite expected increase in total production and the cost pressures we are seeing from the utility rates at Bairoil, which represents a large portion of our total LOE. Given the recent decrease in oil prices, the operations team is exploring additional cost saving opportunities across our asset base.

我們預計將在 2025 年繼續改善我們的成本結構，並指導營運費用將控制在 1.43 億美元的中點。儘管預計總產量會增加，而且我們看到 Bairoil 的公用事業費率帶來了成本壓力（占我們總 LOE 的很大一部分），但與 2024 年相比，這一數字基本上持平。鑑於近期油價下跌，營運團隊正在探索整個資產基礎上的額外成本節約機會。

The company's total capital investment for the first quarter was $23.1 million. Approximately 55% of this capital was invested at Beta in our development drilling program, re-completions, and facility projects. The remaining capital was invested in nonoperating drilling in the Eagle Ford and East Texas, as well as various capital workovers and facility projects across our assets. Our 2025 capital program is now expected to be between $55 million and $70 million. The adjusted 2025 operations development plan is designed to continue unlocking the underlying value of company's assets while adjusting for lower commodity prices to maintain strong free cash flow for the year. The main driver of the reduced capital is through the deferral of development activity of Beta.

該公司第一季的總資本投資為2,310萬美元。其中約 55% 的資金投資於 Beta 的開發鑽井計畫、重新完井和設施項目。剩餘資金投資於鷹福特和東德州的非營運鑽探，以及我們資產中的各種資本修井和設施項目。我們預計 2025 年資本計畫將在 5,500 萬美元至 7,000 萬美元之間。調整後的2025年營運發展計畫旨在繼續釋放公司資產的潛在價值，同時根據較低的商品價格進行調整，以保持全年強勁的自由現金流。資本減少的主要原因是 Beta 開發活動的延遲。

Even though the D-Sand completions at Beta have breakeven oil prices below $35 per barrel, Beta development is where we have the most flexibility with the remaining capital allocated to invest in 2025. Amplify intends to now complete three wells in 2025 at Beta with the option to add back wells this year should commodity prices improve. The C48 well, the first and now three wells to be completed in 2025 was completed in mid-February and is now unlock. As discussed last quarter, the C48 was originally designed as D-Sand completion. But due to adverse drilling conditions encountered, we decided to complete the shallower C-Sand. The current production of the C48 C-Sand completion is approximately 100 barrels of oil per day.

儘管 Beta 的 D-Sand 完井使油價盈虧平衡低於每桶 35 美元，但 Beta 開發是我們擁有最大靈活性的領域，剩餘的資金將用於 2025 年的投資。Amplify 計劃於 2025 年在 Beta 完成三口井的開採，如果大宗商品價格上漲，該公司還將選擇在今年重新增加這些井。C48 井是第一口井，也是目前計劃於 2025 年完工的三口井，已於 2 月中旬完工，目前已解鎖。正如上個季度所討論的，C48 最初設計為 D-Sand 完井。但由於遇到不利的鑽井條件，我們決定完成較淺的 C-Sand。C48 C-Sand 完井目前的產量約為每天 100 桶石油。

Even though the early results of this well are underperforming our initial expectations and when we decide to pivot to a D-Sand completion, we believe the future production as well will be higher once additional water injection is directed to the C-Sand formation in this area of the field as a well logs and production indicate a high oil saturation reservoir. However, we are seeing lower oil graphies in the C-Sand and lower reservoir pressure, which are negatively affecting overall deliverability, but can be improved with additional water injection support in the future.

儘管該井的早期結果不如我們最初的預期，並且當我們決定轉向 D-Sand 完井時，我們相信，一旦將額外的水注入該油田區域的 C-Sand 地層，未來的產量也會更高，因為測井和產量表明油藏含油飽和度較高。然而，我們發現 C 砂岩中的含油量較低且儲層壓力較低，這對整體產能產生了負面影響，但未來可以透過增加註水支持來改善。

The total capital cost of the C48 well was approximately $8.5 million, which is higher than our expected development cost due to the complications encountered while drilling. We still expect future development cost to be between $5 million to $6 million per well. As a reminder, the D-Sand is our primary part and is where we are planning the majority of our near to midterm future completions.

C48 井的總資本成本約為 850 萬美元，由於鑽井過程中遇到的複雜情況，成本高於我們預期的開發成本。我們仍預計未來每口井的開發成本將在 500 萬至 600 萬美元之間。提醒一下，D-Sand 是我們的主要部分，也是我們計劃近期至中期大部分未來完成工作的地方。

After the D-Sand, the F-Sand is considered our secondary target with excellent geophysical characteristics and significant remaining inventory. The C-Sand is our tertiary target of Beta. However, we may find parts of field where we decide to test the C-Sand as part of our development program before the complete development of the primary and secondary targets. After the completion of the C48, the Beta drilling team made additional enhancements to our drilling procedures, including the implementation of managed pressure drilling to help improve our ability to manage drilling hazards like the issues experienced in the C48. The changes were implemented in the drilling of the C54 well with excellent results.

繼 D-Sand 之後，F-Sand 被視為我們的次要目標，具有優良的地球物理特性和大量剩餘儲量。C-Sand 是我們 Beta 的第三個目標。然而，在主要和次要目標完全開發之前，我們可能會發現我們決定在部分油田中測試 C-Sand 作為我們開發計劃的一部分。C48 完工後，Beta 鑽井團隊對我們的鑽井程序進行了進一步改進，包括實施控壓鑽井，以幫助提高我們管理鑽井危險的能力，例如 C48 中遇到的問題。這些改變在 C54 井的鑽探中得到了實施，並取得了優異的效果。

We completed the C54 well in mid-April, and early results are outstanding, with approximately 800 barrels of oil per day average production over the first 20 days since first oil. This further demonstrates the excellent results of D-Sand completions as we now have three D-Sand wells producing, all of which are projected to have greater than 90% IRR at $60 oil prices. We expect to spud our next development well, a D-Sand completion, in late July. Additional information regarding the Beta development plan can be found in the company's investor presentation under the Investor Relations section of the website.

我們於 4 月中旬完成了 C54 井的開採，早期成果非常出色，自首次產油以來的前 20 天，平均每天產油約 800 桶。這進一步證明了 D-Sand 完井的優異效果，因為我們現在有三口 ​​D-Sand 井在生產，預計在 60 美元的油價下，所有井的 IRR 都將超過 90%。我們預計 7 月底開鑽下一口開發井，即 D-Sand 完井井。有關 Beta 開發計劃的更多信息，請參閱公司網站投資者關係部分下的投資者介紹。

In East Texas, we are participating in the completion of four non-operated development wells, which we expect to be online in the late second quarter. The completion of this four-well pad is expected to provide strong additional gas production in the second half of 2025. In the Eagle Ford, we are participating in 14 gross 0.7 net new development wells. And 2 gross 0.4 net recompletion projects. These non-operated wells with highly accretive returns have been completed and are scheduled to come online this month.

在德州東部，我們正在參與完成四口未營運的開發井，預計這些井將在第二季末投入使用。預計該四井平台的完工將在 2025 年下半年帶來強勁的額外天然氣產量。在 Eagle Ford，我們參與了 14 口總產量為 0.7 口淨產量的新開發井的開發。以及 2 個總重建項目和 0.4 個淨重建項目。這些具有高增值收益的未營運油井均已完工併計劃於本月投入使用。

The company is also evaluating additional development opportunities recently offered by our partners in the Eagle Ford, where we have interest. The majority of the remainder of our 2025 capital has not changed from our prior guidance, and we'll be investing in facility projects, including the previously discussed $8 million pipeline upgrade project at Beta and a full field implant turnaround facility project at Bairoil for approximately $5 million. Additionally, we are continuing to invest in small but accretive capital workover programs in Oklahoma, East Texas, and Bairoil, which include artificial lift conversions, re-complete and well reactivations, as well as additional investments in Magnify Energy Services.

公司也正在評估我們的合作夥伴最近在 Eagle Ford 提供的額外開發機會，我們對此很感興趣。我們 2025 年剩餘資本的大部分與先前的指導相比沒有變化，我們將投資於設施項目，包括先前討論過的 Beta 的 800 萬美元管道升級項目和 Bairoil 的約 500 萬美元的全現場植入週轉設施項目。此外，我們將繼續在俄克拉荷馬州、德克薩斯州東部和貝魯爾投資規模雖小但可產生增值的資本修井項目，其中包括人工舉升轉換、重新完井和油井重新啟動，以及對 Magnify Energy Services 的額外投資。

And with that, I will turn it over to Jim.

說完這些，我會把麥克風交給吉姆。

Thank you, Dan. I would now like to discuss the following items: first-quarter financial performance, balance sheet and liquidity, and hedging. With respect to first-quarter financial performance, the company reported a net loss of approximately $5.9 million compared to a $7.4 million net loss in the prior quarter. The change was primarily attributable to non-cash unrealized loss on commodity derivatives in the quarter, partially offset by a gain on the sale of our East Texas properties. Excluding the impact of the non-cash unrealized loss on commodity derivatives, the East Texas divestiture, and other onetime impacts, adjusted net income was $3.8 million for the first quarter.

謝謝你，丹。現在我想討論以下事項：第一季的財務表現、資產負債表和流動性以及避險。就第一季財務業績而言，該公司報告淨虧損約 590 萬美元，而上一季淨虧損為 740 萬美元。這項變更主要歸因於本季商品衍生性商品的非現金未實現損失，但被我們出售東德州資產的收益部分抵銷。不包括商品衍生品非現金未實現損失、東德州資產剝離和其他一次性影響的影響，第一季調整後淨收入為 380 萬美元。

First-quarter adjusted EBITDA was $19.4 million, a decrease of approximately $2.4 million compared to the prior quarter. The decrease was primarily due to higher lease operating expenses and G&A costs that are typically higher in the first quarter, partially offset by stronger gas price realizations. In total, first-quarter lease operating expenses were approximately $37.4 million or $23.28 per BOE. As Dan said, our lease operating expenses does not reflect the $0.9 million of income generated by Magnify in the first quarter.

第一季調整後 EBITDA 為 1,940 萬美元，較上一季減少約 240 萬美元。下降的主要原因是第一季租賃營運費用和一般及行政費用通常較高，但被更強勁的天然氣價格所部分抵銷。總體而言，第一季租賃營運費用約為 3,740 萬美元或每桶油當量 23.28 美元。正如丹所說，我們的租賃營運費用並未反映 Magnify 在第一季產生的 90 萬美元收入。

First-quarter production taxes were $4.4 million, down $1 million versus the prior quarter. In addition to benefiting from lower production, we realized a onetime benefit of reversing an accrual for 2024 waste emission charges. First-quarter GPT costs were $4.3 million or $2.67 per BOE. GPT costs per BOE have remained relatively constant through recent quarters, and we expect that to remain true for the balance of 2025.

第一季的生產稅為 440 萬美元，比上一季減少 100 萬美元。除了受益於產量下降之外，我們還實現了一次性收益，即逆轉了 2024 年廢物排放費用的應計。第一季的 GPT 成本為 430 萬美元，即每桶油當量 2.67 美元。在最近幾個季度，每桶油當量的 GPT 成本保持相對穩定，我們預計到 2025 年這一情況將持續。

Cash G&A expenses were $7.3 million for the first quarter. Though G&A is usually higher in the first quarter, Q1 2025 cash G&A was down 7% versus Q1 2024. We expect cash G&A to be within our guidance range for the remainder of 2025.

第一季現金一般及行政開支為 730 萬美元。儘管第一季的 G&A 通常較高，但 2025 年第一季的現金 G&A 與 2024 年第一季相比下降了 7%。我們預計 2025 年剩餘時間內的現金 G&A 將在我們的指導範圍內。

With respect to capital, Amplify invested $23.1 million in the first quarter, which was in line with expectations. The company's capital allocation was approximately 55% for the Beta development drilling, re-completions, and facilities and 30% for non-operated development projects in East Texas and the Eagle Ford. The remaining capital was distributed across the company's other assets. Free cash flow, defined as adjusted EBITDA less CapEx and cash interest expense, was negative $7.2 million for the first quarter of 2025, but in line with expectations due to planned capital investments in the first quarter.

資金方面，Amplify第一季投資2,310萬美元，符合預期。該公司的資本配置約 55% 用於 Beta 開發鑽探、重新完井和設施，30% 用於東德州和 Eagle Ford 的非營運開發項目。剩餘資本分配至公司的其他資產。自由現金流（定義為調整後的 EBITDA 減去資本支出和現金利息支出）在 2025 年第一季為負 720 萬美元，但由於第一季計劃進行資本投資，因此符合預期。

As of March 31, Amplify had $125 million of debt outstanding under its revolving credit facility. At the end of the first quarter, the company's liquidity was $20 million. And net debt to last 12 months adjusted EBITDA was 1.3 times. The company is currently working on a spring semiannual redetermination of its borrowing base and expect that process to be completed by the end of May.

截至 3 月 31 日，Amplify 的循環信貸額度下未償還債務為 1.25 億美元。第一季末，該公司流動資金為2,000萬美元。過去 12 個月淨債務為調整後 EBITDA 的 1.3 倍。該公司目前正在進行春季半年度重新確定其借款基礎，預計該過程將於五月底完成。

Recently, Amplify added to our hedge position, further protecting future cash flows. In the first quarter, Amplify executed crude oil swaps covering the first half of 2026 at a weighted average price of $62.55 per barrel. Additionally, we placed crude oil swaps covering the first half of 2027 at a weighted average price of $61.93 per barrel.

最近，Amplify 增加了我們的對沖頭寸，進一步保護了未來的現金流。第一季度，Amplify 執行了涵蓋 2026 年上半年的原油掉期交易，加權平均價格為每桶 62.55 美元。此外，我們還以每桶 61.93 美元的加權平均價格簽訂了涵蓋 2027 年上半年的原油掉期合約。

The company also added natural gas swaps covering 2026 at a weighted average price of $4.12 per MMBtu, collars for the first quarter of 2026 with a weighted average floor of $4.50 per MMBtu and a weighted average ceiling of $5.73, and natural gas collars for 2027 with a weighted average floor of $3.57 per MMBtu and a weighted average ceiling of $4.58 per MMBtu. As of May 12, our forecasted PDP crude oil production was approximately 75% to 80% hedged for 2025, 50% to 60% hedged in 2026, and 10% to 15% hedged in 2027.

該公司還增加了涵蓋 2026 年的天然氣掉期，加權平均價格為每百萬英熱單位 4.12 美元；涵蓋 2026 年第一季的天然氣價格上下限，加權平均下限為每百萬英熱單位 4.50 美元，加權平均上限為 5.73 美元；涵蓋 2027 年加限 2027 年的平均天然氣價格美元，加權平均上限為每百萬英熱單位 4.58 美元。截至 5 月 12 日，我們預測 2025 年 PDP 原油產量對沖率約為 75% 至 80%，2026 年對沖率約為 50% 至 60%，2027 年對沖率約為 10% 至 15%。

On the gas side, our forecasted PDP production is hedged 80% to 90% for 2025 and 2026 and 50% to 55% hedged in 2027. We will continue monitoring the market, and we will look for opportunities to add to our strong hedge positions.

在天然氣方面，我們預測 2025 年和 2026 年的 PDP 產量對沖率為 80% 至 90%，2027 年的對沖率為 50% 至 55%。我們將繼續監測市場，並尋找機會增加我們強大的對沖頭寸。

With that, I'll turn the call back to Martyn.

說完這些，我就把電話轉回給馬丁。

Thank you, Jim. As we look ahead, we are excited about Amplify's future. Amplify remains committed to exploiting the long-term value potential of the Beta field, and we anticipate strong results for oil production from the area in 2025. This enthusiasm is warranted by the results from the two wells we brought online in 2024 and the recently completed C54 wells. All of these wells have breakeven prices below $35 per barrel and compare favorably to the economics of the best oil development players in the country.

謝謝你，吉姆。展望未來，我們對 Amplify 的未來充滿期待。Amplify 仍致力於挖掘 Beta 油田的長期價值潛力，我們預計 2025 年該地區的石油產量將取得強勁成長。我們在 2024 年投產的兩口井和最近完工的 C54 井的成果證明了這種熱情。所有這些油井的損益平衡價格均低於每桶 35 美元，與該國最好的石油開發公司的經濟效益相比具有優勢。

The strong cash flow profile of these wells provide substantial benefits to the company and creates the flexibility to consider a range of value maximizing opportunities for our existing assets. We will continue to find ways to enhance shareholder value through diligent asset management, a relentless focus on managing our cost structure, and prudent capital allocation. In summary, our diversified portfolio of mature low-decline assets, and robust hedge book protect our cash flow profile during commodity downturns, allowing us the flexibility to scale up or down investments in either oil or gas projects depending on market conditions. We remain confident that we still have all the elements in place to make 2025 a successful year for the company and its stakeholders.

這些油井強勁的現金流狀況為公司帶來了巨大的利益，並為我們現有資產的一系列價值最大化機會創造了靈活性。我們將繼續透過勤勉的資產管理、堅持不懈地專注於成本結構管理和審慎的資本配置來尋找提高股東價值的方法。總而言之，我們多元化的成熟低衰減資產組合和強大的對沖帳簿在商品低迷時期保護了我們的現金流狀況，使我們能夠根據市場情況靈活地增加或減少對石油或天然氣項目的投資。我們堅信，我們已具備所有條件，能夠讓 2025 年成為公司及其利害關係人取得成功的一年。

With that, operator, we are now open for questions.

接線員，現在我們可以回答問題了。

(Operator Instructions) Subash Chandra, Benchmark.

（操作員指示）Subash Chandra，基準。

Yeah, thanks. Good morning. So two questions. First on the bank debt. Do you have a goal in mind to exit the year? And second is, to bring back development at Beta, $35 breakeven, we're obviously well above that, but you're looking for a better oil price. What would that oil price be to go back to the program?

是的，謝謝。早安.所以有兩個問題。首先是銀行債務。今年底有設定目標嗎？第二，為了恢復 Beta 的開發，35 美元的損益平衡點，我們顯然遠高於這個水平，但你正在尋找更好的油價。如果油價達到多少才能恢復該計劃？

Hey, Subash. It's Jim. Yes, I think obviously, our expectation is that we'll generate positive free cash flow this year, and our goal is to continue to pay down the debt. That's been our consistent hope. As we've talked about, long term, the goal is to be 0.5 turn to 1 turn of leverage. So there's a lot of ways to get there, but that's the goal.

嘿，蘇巴什。是吉姆。是的，我認為顯然我們的預期是今年我們將產生正的自由現金流，我們的目標是繼續償還債務。這是我們一貫的希望。正如我們所討論的，從長遠來看，目標是實現 0.5 倍到 1 倍的槓桿率。有很多方法可以實現這一目標，但這就是目標。

As it relates to the drilling, I'm sure Martyn will have something to expand on that. Part of it is commodity price. Part of its liquidity, right? So there are a lot of levers we can pull there to create that opportunity. But we think the results have been really good and really supportive. And we want to continue to aggressively do that, but we want to do it prudently, right? So as oil prices have come down, and we forecast out our cash flow, we want to be thoughtful about our development pace, but we will look at all kind of levers we can pull to ramp that back up because the results have been so good.

就鑽探而言，我相信馬丁會對此做出詳細說明。其中一部分是商品價格。這是其流動性的一部分，對嗎？因此，我們可以利用許多手段來創造這樣的機會。但我們認為結果確實很好，而且確實很有幫助。我們希望繼續積極地這樣做，但我們希望謹慎地這樣做，對嗎？因此，隨著油價下降，我們預測了現金流，我們希望認真考慮我們的發展速度，但我們會考慮可以利用的各種槓桿來加快速度，因為結果非常好。

Yeah, I'll just add point number two that the -- while we're very excited about, especially this most [recent] well with the changes we made operationally, I think that well went as smoothly as we've seen to date. And we're very proud of the team and the changes they've made to really -- obviously, execution of that program is key to the long-term success of the company. And I think we executed better on that well than we have on any other well to date. And so really excited about continuing to develop that Beta.

是的，我只想補充第二點——雖然我們對此感到非常興奮，尤其是最近我們在運營上做出的改變，但我認為該井的進展就像我們迄今為止看到的一樣順利。我們為這個團隊以及他們所做的改變感到非常自豪——顯然，該計劃的執行對於公司的長期成功至關重要。我認為，我們在該井上的執行情況比迄今為止在任何其他井上的執行情況都要好。所以我真的很興奮能夠繼續開發這個 Beta 版。

To Jim's point, obviously, we're going to be managing the balance sheet, but there's other things we can do. Obviously, commodity prices could help if they move up a little bit in the 60s and liquidity has a significant enough cushion, then we'll certainly add wells back. But we can also look at other portfolio optimization opportunities that could create some additional liquidity and use that to drive further Beta development. That's something that we'll be actively looking at as we move forward. So few different levers there that we could pull because obviously, we are committed to further Beta development as we move forward.

正如吉姆所說，顯然我們將管理資產負債表，但我們還可以做其他事情。顯然，如果商品價格在 60 年代略有上漲並且流動性具有足夠大的緩衝，那麼我們肯定會重新增加油井。但我們也可以研究其他投資組合最佳化機會，這些機會可以創造一些額外的流動性，並利用這些機會推動 Beta 的進一步發展。這是我們未來將積極關注的事情。我們能利用的槓桿非常少，因為顯然，我們致力於在前進的過程中進一步進行 Beta 版開發。

Yeah. And so to that point on portfolio optimization, you mentioned that in the press release, and you just mentioned it again. Are we talking more Haynesville? Or are there other opportunities?

是的。關於投資組合優化這一點，您在新聞稿中提到過，而且您剛才又提到了。我們多談海恩斯維爾嗎？或是有其他機會嗎？

I think we're looking at all of the potential opportunities in our portfolio other than obviously, Beta, where we're the most excited developing. Anything else that would create liquidity, and we could redeploy the funds into higher return of investment projects at Beta, then I think we owe it to ourselves and to our shareholders to look at all of those opportunities, and that's what we're doing.

我認為我們正在研究我們投資組合中的所有潛在機會，除了我們最熱衷於開發的 Beta 之外。任何其他可以創造流動性的東西，我們都可以將資金重新部署到 Beta 更高投資回報率的專案中，那麼我認為我們應該為自己和股東著想，看看所有這些機會，而這正是我們正在做的事情。

Got it. Thanks, Martyn. Thank you.

知道了。謝謝，馬丁。謝謝。

And at this time, there are no further questions. I'd like to turn the call back over to Martyn for closing remarks.

目前，沒有其他問題。我想將電話轉回給馬丁，請他做最後發言。

Thank you. I'd just like to express my appreciation to all of our employees for their outstanding efforts and dedication and really to all of our stakeholders for their continued support. It's obviously been a difficult start to the year for -- and with commodity prices and really just wanted to say thank you to everyone who's continue to support us, and we're actively listening to and talking to our shareholders, and we'll continue to work with all of you moving forward.

謝謝。我只想對我們所有員工的傑出努力和奉獻精神表示感謝，並對我們所有利益相關者的持續支持表示感謝。顯然，今年的開局很艱難——大宗商品價格也很高，我們只想向所有繼續支持我們的人表示感謝，我們正在積極傾聽股東的意見並與股東交談，我們將繼續與大家共同努力，向前邁進。

So as always, if you have any follow-up questions, please don't hesitate to reach out to us directly. Thank you.

因此，與往常一樣，如果您有任何後續問題，請隨時直接與我們聯繫。謝謝。

This does conclude today's Amplify Energy investor conference call. Thank you for your participation. You may now disconnect.

今天的 Amplify Energy 投資者電話會議到此結束。感謝您的參與。您現在可以斷開連線。